Nigerian Legion to set up microfinance bank

The Nigerian Legion has said it will set up a microfinance bank that would allow its members to access soft loans devoid of the usual commercial banks encumbrances.

Chairman, Nigerian Legion, Maj. Gen. Abdul Malik Jibril, who stated this at a press conference in Abuja, said that it has put up a request through the Central Bank of Nigeria (CBN) to enable the Nigerian Legion to assist its members.

Established in 1964, he said the Nigerian Legion has, through the Act establishing it, Section 11, provides that the federal government should fund it but unfortunately, nothing has been done so funding is a huge challenge.

The national chairman said the Act establishing the Nigerian Legion has made it possible to establish legitimate businesses through which funds could be realised, this underscores the relevance of funding.

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“There has been no take-off grant, so funding is required to be provided by way of annual budgetary provision so that there could be impact on the lives of military widows, orphans, retirees and defendants”.

While calling on other veteran associations not to sow the embers of disunity, he said the Nigerian Legion is the only statutorily recognized body that oversees the welfare, enhancement and speak on behalf of ex-servicemen, therefore a seed fund is required to address the funding challenge. This, he said, will eliminate the need to go cap in hand periodically to ask for donations from the general public through the sale of emblems.